SOUTH PASADENA, FLA. AND BALTIMORE — The Boca Raton, Fla., office of Berkadia Commercial Mortgage has arranged two loans totaling $26.1 million for two multifamily properties in Baltimore and South Pasadena. Michael Wallace and Mitchell Sinberg of Berkadia arranged $18.7 million to refinance the 263-unit Melvin Park in Baltimore and $7.4 million for the borrower to acquire the 210-unit Serenity Towers in South Pasadena. For the Baltimore transaction, Wallace and Sinberg arranged the 10-year, fixed-rate refinance loan through Freddie Mac on behalf of Franklin Melvin LLC. The property was 98 percent occupied at closing. For the South Pasadena transaction, Wallace and Sinberg arranged the seven-year, floating rate acquisition loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Bay Pointe Tower Apartments LLC. Serenity Towers was 97 percent occupied at closing.
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